Saturday, November 12, 2011

Andrew Gilligan (along with every other financial commentator in the world) :

For all its pretensions of unity, Europe is made up of two very different kinds of country whose economies are not really compatible and which were never ready to share a currency at all. Greece is the most extreme example of the first kind – profligate Mediterranean places where productivity is low and inefficiency rife. Germany is the opposite – northern, thrifty and responsible, the EU’s cash cow.

Isn't all this stuff about the hardy Northerners and the lazy, corrupt Southerners just the worst sort of racist stereotyping?

Mr Gilligan, I thought you'd worked for the BBC. Surely they must have taught you that we are all exactly the same, and that's why we should celebrate our difference?

"British retail sales grew more than expected in September after a surprise increase in sales of laptops and video games, the Office for National Statistics said on Thursday."

By strange chance, Laban bought a new laptop in September - and his youngest son also got a new games console as a reward for better-than-expected GCSE results, after a paternal promise the previous autumn which at the time seemed unlikely to ever need redeeming. Fair play though - he got the grades. Perhaps that made the sales difference ...

How good that must have been for British laptop and video console manufacturers !

"In a blow to the government's aspirations for exports to lead a recovery, the trade gap – the difference between imports and exports – widened to almost £10bn in September, prompting warnings that already lacklustre economic growth for the third quarter will be downgraded."

Perhaps one day someone will put two and two together and recognise that, for as long as we continue not to make anything, strong retail sales are part of the problem, not part of a solution.